Interbrew toasts 30% profits surge

INTERBREW, the world's second largest brewer and maker of Stella Artois, raised its operating profits by more than 30% to e1.53bn (£944m) last year, as the world drowned fears of recession and terrorism in beer.

Sales rose throughout western Europe, North America and the eastern European countries of Croatia, Hungary and the Czech Republic.

In the previous year Interbrew took a massive charge against the expected loss it would make on the re-sale of Bass Brewers, which resulted in a net loss for 2000 of e964m. It said at the time that it was being over-cautious and this has proved the case. Following the sale of Carling to the US beer group Coors for £1.2bn in December, Interbrew is adding back e161m, leaving it with a net profit of e698m.

Group annual turnover for the year to 31 December was up 16% at e5.76bn, with about 8% of that growth reckoned to be organic and the rest from British and German acquisitions. It bought the local German brews of Diebels and Rogan and the premium lager Beck's.

The shares, listed in Belgium, were up 47 cents at e31.60. The full dividend is 38% higher at 29 cents a share.